Click to play videoNew Delhi: Thrice the number of people queued up for the Tata Nano on Saturday - the last day for bookings. While most banks have stopped processing loans, car dealers are keeping their shutters open till late night.
But even with last minute bookings, dealers and banks are left with almost 25 per cent of their forms unsold. While bookings may cross the 5 lakh mark, it's still below target.
Chairman and MD, Corporation Bank, JJ Garg says, "What I gather from the information is that the response is huge and the number of cars that have been booked runs into lakhs. But as far as our bank is concerned, we have only got numbers which are very less. It'll be less than 1,000."
Union Bank bought about 15,000 applications but only 8000 have been sold, with just Rs 10-12 crore booking amount being disbursed.
Union Bank told CNN-IBN that Tata Motors will take 15 per cent of the forms back, so the cost of the rest has to be borne by the bank at Rs 300 per form.
The Federal bank bought 2,000 applications but sold only 500.
Meanwhile, Tata Motors said in a statement: "The response has been encouraging and has been increasing progressively."
So as the bookings for the Rs 1 lakh car come to a close, its the top end LX model that has emerged as the most popular model. And while the official figures are yet to be announced by Tata Motors, preliminary reports say that the Tata's could be behind by 5 to 6 lakh from their initial target of 10 lakh.
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